Latest Bid For Leeds Greeted With Scepticism - 31/10/2004

Leeds United's board has asked for proof of funding after considering a £25m takeover bid headed by Sebastian Sainsbury, great grandson of the founder of the supermarket chain. Sainsbury is backed by Nova Financial Partners. According to some reports, this is a Philadelphia-based organisation. However, the Financial Times claims that it is linked with a Florida-based businessman called Burl Sheppard but can find no trace of Nova Financial Partners in state records. The pink paper has issued an appeal to Sheppard to get in touch. Dr Bill Gerrard, head of sport management and finance at Leeds University Business School, commented 'Since Adulant took over 14 groups have looked at Leeds and only one is still standing. What did the other 13 see?' An alternative option for the club is to sell and leaseback Elland Road.